Over-the-counter coal prices fell Wednesday, extending losses seen Tuesday. Ignoring a rally in natural gas futures, traders took coal prices lower, with European coal prices seen as the main influence.
NYMEX look-alike prices posted the largest losses. December look-alike traded at $66.50/st, 80 cents below Tuesday's Platts assessment.
Eastern rail product prices followed that trend. CSX 12,500-Btu/lb, -1% sulfur swaps led the way lower, while it was the other way round in the Norfolk Southern 12,500-Btu/lb, 1% market.
Western markets continued to see limited turnover. Powder River Basin 8,800-Btu/lb financial trades were limited to front-end months, pressuring the near-end of the physical forward curve. Physical markets for PRB products garnered low attention.
European coal prices continued a correction that began on Tuesday, with front-month Richards Bay prices falling $5/mt, and CIF ARA down $1.95/mt Wednesday.
In look-alike coal, December traded at $66.50/st, 80 cents below the prior Platts assessment and 75 cents below the price point for trades reported on Tuesday.
Q1 2011 look-alike traded at $67.25/st and $67.50/st for five barges each, well below the trading range of $68.25/st to $68.50/st seen on Tuesday. The prior Platts assessment stood at $68/st.
Volume surged in the Q2 2011 contract. Q2 opened up at $69.25/st for five barges, before selling down to $69.10/st for five barges twice and $69/st for five barges three times. It then traded at $68.90/st for 40 barges, and for five barges, before going through at $68.80/st for five and 10 barges. The contract traded between $69.50/st and $69/st on Tuesday and was assessed by Platts at $69.25/st.
Q3 and Q4 2011 each traded once. Q3 at $70.50/st for five barges, 10 cents below the prior Platts assessment, and Q4 at $72.20/st.
Q1 2011 Norfolk Southern 1% physical traded at $67.35/st and $67.25/st, each for the delivery of one train/month. Q2 2011 NS 1% traded at $69.25/st for the delivery of one train/month.
In other Eastern rail trades, CSX swaps traded in a spread of Q1 2011 over Q2 2011 at a discount of $1.50/st for 10,000 st. CSX first-half over second-half 2011 traded at a discount of $3.25/st for 5,000 st three times.
Longer-dated CSX swap trades included Cal 2011 at $71.15/st for 5,000 st three times, and again at $71.25/st for 5,000 st. Cal 2011 traded in spreads over Cal 2012 at a discount of $6.90/st and $6.80/st for 5,000 st each.
Western rail PRB 8,800 financial traded twice, both times in the January 2011 contract, at $13.30/st and $13.15/st.
NYMEX look-alike prices posted the largest losses. December look-alike traded at $66.50/st, 80 cents below Tuesday's Platts assessment.
Eastern rail product prices followed that trend. CSX 12,500-Btu/lb, -1% sulfur swaps led the way lower, while it was the other way round in the Norfolk Southern 12,500-Btu/lb, 1% market.
Western markets continued to see limited turnover. Powder River Basin 8,800-Btu/lb financial trades were limited to front-end months, pressuring the near-end of the physical forward curve. Physical markets for PRB products garnered low attention.
European coal prices continued a correction that began on Tuesday, with front-month Richards Bay prices falling $5/mt, and CIF ARA down $1.95/mt Wednesday.
In look-alike coal, December traded at $66.50/st, 80 cents below the prior Platts assessment and 75 cents below the price point for trades reported on Tuesday.
Q1 2011 look-alike traded at $67.25/st and $67.50/st for five barges each, well below the trading range of $68.25/st to $68.50/st seen on Tuesday. The prior Platts assessment stood at $68/st.
Volume surged in the Q2 2011 contract. Q2 opened up at $69.25/st for five barges, before selling down to $69.10/st for five barges twice and $69/st for five barges three times. It then traded at $68.90/st for 40 barges, and for five barges, before going through at $68.80/st for five and 10 barges. The contract traded between $69.50/st and $69/st on Tuesday and was assessed by Platts at $69.25/st.
Q3 and Q4 2011 each traded once. Q3 at $70.50/st for five barges, 10 cents below the prior Platts assessment, and Q4 at $72.20/st.
Q1 2011 Norfolk Southern 1% physical traded at $67.35/st and $67.25/st, each for the delivery of one train/month. Q2 2011 NS 1% traded at $69.25/st for the delivery of one train/month.
In other Eastern rail trades, CSX swaps traded in a spread of Q1 2011 over Q2 2011 at a discount of $1.50/st for 10,000 st. CSX first-half over second-half 2011 traded at a discount of $3.25/st for 5,000 st three times.
Longer-dated CSX swap trades included Cal 2011 at $71.15/st for 5,000 st three times, and again at $71.25/st for 5,000 st. Cal 2011 traded in spreads over Cal 2012 at a discount of $6.90/st and $6.80/st for 5,000 st each.
Western rail PRB 8,800 financial traded twice, both times in the January 2011 contract, at $13.30/st and $13.15/st.
